STOCKHOLM, May 29 (Xinhua) -- A Swedish court on Friday granted General Motors (GM) Corp.'s Swedish subsidiary Saab Automobile an extension of three months to restructure its business.

    Saab can continue to restructure its business until August 20, a district court in Vanersborg, near Saab's main base in Trollhattan southwestern Sweden, said in a statement.

    The court had granted Saab three months to restructure its business in February after GM declared its intention to shed Saab as part of its own restructuring efforts.

    Saab, however, had not completed the reorganization process before the bankruptcy protection expired on May 20. It therefore had to apply for an extension.

    During the next three months, Saab must find a new owner. Local reports said Saab is in contact with two or three interested parties.

    Saab sold 93,000 cars worldwide and posted losses of some 3 billion kronor (341 million U.S. dollars) in 2008.

    GM bought 50 percent of Saab in 1990 and acquired the remaining stake in 2000.

A General Motors dealership is seen in Vienna, Virginia, May 27, 2009. General Motors Corp moved closer to filing the largest U.S. industrial bankruptcy after a crucial bond exchange proposal failed and as officials in Germany neared a decision on which company would take over GM's European brand, Opel.(Xinhua/Reuters Photo) Photo Gallery>>>

GM reaches debt-for-equity agreement with bondholders

    NEW YORK, May 28 (Xinhua) -- GM, the U.S. biggest automaker, reached an amended debt-for-equity deal with bondholders on Thursday, CNBC reported.

    According to the new proposal, GM bondholders will start with 10 percent common equity of the "new" GM, with 7.5 percent more when GM's market cap reaches 15 billion U.S. dollars and another 7.5 percent more when it reaches 30 billion dollars. Full story

U.S. gov't to own 72.5% of GM

    BEIJING, May 29 (Xinhuanet) -- U.S. taxpayers soon may own 72.5 percent of General Motors stocks after GM reached an amended debt-for-equity deal with bondholders on Thursday.  Full story

GM pushed closer to bankruptcy filing

    CHICAGO, May 27 (Xinhua) -- With bondholders refusing to swap debt for a 10-percent stake, the largest U.S. automaker General Motors Corps. has been pushed closer to a bankruptcy filing.

    According to GM sources, the number of bondholders who agreed to swap debt for a 10-percent stake in the company was "substantially less" than the 90 percent mandated by the U.S. Treasury Department, which has loaned GM 19.4 billion U.S. dollars in a taxpayer money bailout.  Full story

Wall Street retreats on possible GM bankruptcy

    NEW YORK, May 27 (Xinhua) -- Wall Street retreated Wednesday as General Motors is close to bankruptcy.

    General Motors Corp., the largest U.S. automaker, said it failed to get 90 percent bondholders agree to swap their debt for company stocks. That means the automaker is almost definitely headed for bankruptcy court. GM tumbled 20 percent, or 29 cents per share, to 1.15 U.S. dollars.  Full story

Bondholder offer failure pushes GM closer to bankruptcy

    CHICAGO, May 27 (Xinhua) -- U.S. automaker General Motors Corp. is heading towards a bankruptcy filing after it failed to lure enough bondholders to swap debt for company stock, news reaching here from Detroit said Wednesday.

    The number of bondholders who agreed to the swap was "substantially less" than the 90 percent mandated by the U.S. Treasury Department, which has loaned GM 19.4 billion U.S. dollars, the Detroit News said.  Full story

GM makes last-ditch effort to avoid bankruptcy as deadline looms

    CHICAGO, May 22 (Xinhua) -- With the June 1 restructuring deadline approaching, General Motors reached a tentative labor agreement with the United Auto Workers (UAW) in a bid to remove one of the major obstacles in its restructuring.

    However, the U.S. largest auto maker still has much ground to cover to avoid bankruptcy protection and dispel fears shared by investors, suppliers and dealers. Full story

GM gets $4 bln additional aid 

    CHICAGO, May 22 (Xinhua) -- U.S. automaker General Motors (GM) said Friday it borrowed another 4 billion U.S. dollars in federal aid from the Treasury Department as the company strives to present a restructuring plan to the government.

    The additional aid brings GM's total borrowing from the federal government to 19.4 billion dollars. Its original request to the U.S. Congress was 18 billion dollars in loans for its restructuring.  Full story

Special Report:  Global Financial Crisis